Abstract: Selling exchange-traded fund (“ETF”) shares by an investment company receiving a pre-determined group of financial assets from an authorized participant in exchange for a number of ETF shares, the number of ETF shares corresponding to the group of financial assets, and the investment company purchasing a number of shares of an underlying fund, the number of shares corresponding to the group of financial assets. Redeeming ETF shares with an investment company holding a number of shares of an underlying fund by receiving ETF shares from an authorized participant, and redeeming the number of shares of the underlying fund for a first group of financial assets; obtaining a second group of financial assets; and transferring the second group of financial assets to the authorized participant.

Abstract: Among other things, receiving public information about an actively managed fund, selecting a group of financial assets, determining a group of weights corresponding to the group of financial assets thereby determining a weighted group of financial assets, the weights being determined based only on the public information, and publishing the contents of the weighted group of financial assets, wherein an expected valuation of the weighted group of financial assets is within a threshold percentage of an expected valuation of the actively managed fund.

Abstract: Among other things, receiving public information about an actively managed fund, selecting a group of financial assets, determining a group of weights corresponding to the group of financial assets thereby determining a weighted group of financial assets, the weights being determined based only on the public information, and publishing the contents of the weighted group of financial assets, wherein an expected valuation of the weighted group of financial assets is within a threshold percentage of an expected valuation of the actively managed fund.

Abstract: An accounting system allows posting transactions to a general ledger of an Exchange Traded Fund. The accounting system includes a computer-assisted process that nets subscription and redemption orders that occurred over a particular time (e.g., one day) and records a transfer of securities into or out of the fund based on the net of the subscription and redemption orders.

Abstract: Among other things, receiving public information about an actively managed fund, selecting a group of financial assets, determining a group of weights corresponding to the group of financial assets thereby determining a weighted group of financial assets, the weights being determined based only on the public information, and publishing the contents of the weighted group of financial assets, wherein an expected valuation of the weighted group of financial assets is within a threshold percentage of an expected valuation of the actively managed fund.